BluePallet plans to use the funds to expand across Asia. Here are the top-line bullets you need to know.
BluePallet, a B2B chemical marketplace that connects industrial buyers and manufacturers, raised $5M in a seed round from Vinmar Ventures, among others.
How’s the company performing?
- Texas-based BluePallet recently became the first industrial commerce firm to start operations on Alibaba.com.
- BluePallet’s products include TradeHub, a marketplace that allows users to search and list products; TradePass, a business verification technology that reviews thousands of risk data points continually; and TradeCart, a checkout system that integrates payments, logistics, and authentication processes.
- The company has partnered with NACD and gained access to its 250 member firms and 750K customers.
- BluePallet states that it can handle transactions worth up to $1B on its platform.
Why does the market matter?
- The global chemical distribution market is expected to grow at a CAGR of 5.4% and reach a value of $376B by 2028, according to Grand View Research.
- Changing customer preferences, the impact of Covid-19, supply chain disruptions, growth of the contactless environment, and the need for innovation to maintain sustainability have contributed to the digitization surge of the chemical industry.